404.061. Exemption of third person from liability. - Missouri Statutes

Exemption of third person from liability.

404.061. A third person, including an issuer of securities,transfer agent, financial institution, broker, life insurancecompany, benefit plan, personal representative, or trustee, ingood faith and without court order, may act on the instructionsof or otherwise deal with any person purporting to make atransfer under sections 404.005 to 404.094 or purporting to actin the capacity of a custodian, successor custodian or legalrepresentative of a custodian and, in the absence of actualknowledge, is not responsible for determining:

(1) The validity of the purported custodian's or successorcustodian's designation;

(2) The propriety of, or the authority under sections404.005 to 404.094 for, any act of the purported custodian;

(3) The validity or propriety under sections 404.005 to404.094 of any instrument or instructions executed or given bythe person purporting to make a transfer under sections 404.005to 404.094 or by the purported custodian;

(4) The propriety of the application or use of anycustodial property by the custodian;

(5) The validity of a delivery of custodial property by acustodian or legal representative of a custodian to a successorcustodian; or

(6) The validity of a delivery of custodial property by thecustodian to the minor or the age of the minor at the time ofthe delivery.

(L. 1985 S.B. 35, et al. § 8)